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September 24, 2008
Whitten's Market Comments:
The mortgage crisis is affecting commercial real estate sales, with financing becoming very difficult to obtain. Asking prices for raw land have not yet declined enough to get land funds off the sidelines. This will take some time. It is my belief that we are looking at an 18 to 24 month slowdown. I hope it is less. Keep working on deals that can be financed and we will weather this storm. |
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